Prices also are rising quickly in Phoenix, San Francisco and Las Vegas, the ZipRealty data show.

South Florida homes lost about half their value in the housing crisis, but the market bounced back in a big way in 2012.

Strong demand by investors, a shortage of homes for sale and rising rental rates are contributing to the recovery, real estate brokers say.

Joseph Pucillo, a vice president for ZipRealty, said distressed homes are drawing investor interest partly because lenders are paying owners to complete short sales and leave the properties in good condition.

"Investors are paying $250,000 for homes that would have cost $400,000 a few years ago," Pucillo said. "It's valued very attractively right now. It just makes sense to go there."